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Quick commerce company <keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords">Zepto</keyword> on Friday said it has raised <keyword id="22130274" type="General" weightage="20" keywordseo="USD-665-million" source="keywords">USD 665 million</keyword> (about Rs 5,560 crore) in the latest funding round that valued the firm at USD 3.6 billion, almost triple than its worth a year back. The massive fundraise comes less than a year after the Mumbai-based startup raised USD 235 million at a valuation of USD 1.4 billion. The funding round saw participation from new investors like Avenir, Lightspeed, and Avra, alongside existing investors Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom. "We've gone from 0 to 1 billion-plus in sales, or GMV, in 29 months, that is faster than any other internet company before us... Even on a base of over a billion dollars at this point, we are growing 100 per cent-plus year on year. And that for us is one of the big drivers of this fundraise," Zepto co-founder and CEO Aadit Palicha told PTI. Attributing the growth to the performance of the quick commerce firm, the young entrepreneur said, "This is largely because of the input excellence we've built across the supply chain. "Whether it is sourcing excellence, mother hub efficiency, line haul utilisation, or our last mile, the innovation that we've done, or forecasting, we're in this place where even as we've been able to grow, we've been able to drive efficiency to get the business to pretty much close to full operating cash flow positive today." He said the overall business is close to operating at break-even cash flow. Nearly 75 per cent of the company's stores are fully EBITDA positive as of May 2024, he said. "Over the next 12-18 months, although it might fluctuate, but we'll still be pretty close to operating cash flow positive, and the idea is to keep in that direction, get the business to a place where we can list next 9-12 months," he said. Zepto co-founder and CTO <keyword id="12442402" type="General" weightage="20" keywordseo="Kaivalya-Vohra" source="Orion">Kaivalya Vohra</keyword> said the firm plans to hire top talent across engineering, product, growth, finance, operations, and category management. "If you are looking for a high growth, high meritocracy and high intensity culture where you can convert hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

<ul class="summary-list"><li>Ohio Sen. JD Vance held a fundraising event in Palo Alto hosted by BitGo CEO Mike Belshe.</li><li>Vance, a former VC, has the backing of influential tech execs, including Elon Musk.</li></ul>Ohio Sen. JD Vance has been fundraising in Silicon Valley.Vance, a former venture capitalist and Donald Trump's running mate for the 2024 presidential election, returned to the Bay Area on Monday for a fundraising event at BitGo CEO Mike Belshe's Palo Alto home.Guests were asked to pay $3,300 to attend the dinner reception, $15,000 for a photo with Vance, or $25,000 to participate in a roundtable, according to multiple reports. Couples could pay $50,000 to be part of the event's host committee. More than 100 people attended the event, an unnamed source told <a target="_blank" class="" href="https://www.nbcbayarea.com/decision-2024/jd-vance-to-visit-silicon-valley-elite-monday/3606398/">NBC Bay Area</a>.Vance already has high-profile backers <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/jd-vance-peter-thiel-trump-silicon-valley-max-chafkin-kafka-2024-7">in the tech industry</a>, including <a target="_blank" class="" href="https://www.businessinsider.com/peter-thiel-jd-vance-veep-trump-election-kingmaker-2024-7">former PayPal exec David Sacks</a> and Tesla CEO Elon Musk.The two <a target="_blank" class="editor-rtfLink" href="https://www.axios.com/newsletters/axios-am-a57d5ac0-42e3-11ef-a18b-df9c93a5e649.html?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosam&amp;stream=top">reportedly joined</a> a secret lobbying campaign that called up Trump to advocate for Vance.Former PayPal CEO Peter Thiel has also played a role in helping Vance's career take off.Thiel gave <a target="_blank" class="editor-rtfLink" href="https://www.politico.com/news/2022/05/03/jd-vance-win-ohio-primary-00029881">Vance $15 million for his 2022 campaign in Ohio</a> — the largest donation ever given to one Senate candidate, Politico reported.Some in Silicon Valley hope Vance can further the tech industry's interests in DC, especially when it comes to crypto.With Vance by his side, Trump has already said he planned to be the first "<a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/trump-bitcoin-cryptocurrency-election-outlook-crypto-funding-regulation-biden-novogratz-2024-7">crypto president</a>" in an attempt to contrast himself with some of the Biden administration's attempts to regulate the industry.However, since US President Joe Biden pulled out of the race, many prominent Silicon Valley figures have <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">enthusiastically backed Vice President Kamala Harris</a>.Box CEO Aaron Levie previously told Business Insider that Harris' entrance into the race has shifted <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-could-take-silicon-valley-from-trump-jd-vance-2024-7">momentum in the tech industry.</a>Several tech execs hope Harris' close ties to the tech community and stance on innovation will turn the tide in Silicon Valley against Vance and Trump.

JD Vance holds Silicon Valley fundraiser as tech leaders rally around Kamala Harris     

<ul class="summary-list"><li>Trump is leaning on Elon Musk's super PAC to get out the vote.</li><li>The Trump campaign said its turnout operation continues to expand and praised Musk's "genius."</li></ul>After walking onstage in Folsom, Pennsylvania, as country music blared, Elon Musk stood in front of a giant American flag and delivered a dire warning to the hushed crowd.The 2024 election would determine "the fate of Western civilization," he <a target="_blank" class="" href="https://www.youtube.com/watch?v=ZQ-wxScI5Jo&amp;t=28s">told the crowd</a> last Thursday during a town hall in the "linchpin" swing state — and he said the race would be tight.In Pennsylvania, this could mean a difference of "10,000 votes, it could be 1,000 votes, it could be 10 votes," Musk said. "So every incremental person makes a huge difference."Musk is doing more than just speeches to turn out those voters.Musk's America PAC has become a key component of the Trump campaign's get-out-the-vote efforts, according to <a target="_blank" class="" href="https://www.theguardian.com/us-news/2024/sep/26/trump-voter-turnout-elon-musk-pac">multiple</a> <a target="_blank" class="" href="https://www.nytimes.com/2024/10/18/magazine/trump-donors-silicon-valley.html">reports</a>.While the Trump campaign has its own volunteer operation called <a target="_blank" class="" href="https://trumpforce47.com/">Trump Force 47</a>, it has increasingly focused on harnessing supporters as poll watchers, paving the way for legal challenges to the election, according to The New York Times.Musk's super PAC support is the latest way the billionaire, who formally <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-endorses-trump-after-pennsylvania-rally-incident-2024-7">endorsed Trump</a> in July, is <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10">throwing his massive influence</a> — and wallet — behind the former president as Election Day nears.<h2 id="224a0ff6-3567-4d87-a17e-7fd5fa45e46a">Musk has become increasingly key to Trump's campaign</h2>Musk established America PAC <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-pac-targets-young-men-vote-2024-9">to support Trump</a> and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-super-pac-spending-competitive-house-races-republicans-2024-9">other GOP candidates</a>, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">contributing $75 million of his own money</a> in just the most recent filing period, according to Federal Election Commission records.At one point, Musk hoped his PAC could get more than 5,000 canvassers to reel in between 800,000 and 1 million votes for Trump in swing states, The Times reported, with a focus on unregistered or inconsistent voters.Musk has been <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-campaign-trail-pennsylvania-donald-trump-key-swing-state-2024-10">hitting the stump himself</a> in Pennsylvania, offering <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-1-million-giveaway-legal-questions-2024-10">$1 million daily giveaways</a> to voters in swing states those who sign a petition.Trump — who has <a target="_blank" class="" href="https://www.businessinsider.com/trump-elon-musk-beg-for-help-online-feud-esclates-2022-7">trashed Musk in the past</a> — is now basking in the billionaire's support, floating a role for Musk in his administration to cut government spending."He's a great patriot, he's a brilliant guy, too," Trump <a target="_blank" class="" href="https://www.youtube.com/watch?v=KycxFyyirgg&amp;list=RDNSKycxFyyirgg&amp;start_radio=1">said</a> last week at a campaign event in Atlanta.Trump's campaign has followed suit with the praise and touted Musk's support in numerous fundraising appeals. "I LOVE ELON MUSK! He's great," the campaign said in a <a target="_blank" class="" href="https://secure.winred.com/trump-national-committee-jfc/lp-hf-sms-dn-register-new-voters-v1?utm_medium=sms&amp;utm_source=lp_lp_hf&amp;utm_campaign=20241019_tnc_registernewvoters-v1_hf_dtrump_lp&amp;utm_content=donate&amp;amount=&amp;recurring=true&amp;utm_term=&amp;utm_term=null&amp;vari=16312235416&amp;exitintent=true">text message</a> to potential donors Saturday, urging them to "go dark MAGA."<h2 id="d8bcad69-9c15-41e9-a1ab-faa27c4f1a8b">The Trump campaign said turnout efforts continue to expand</h2>A Trump campaign spokesperson told BI that its Trump Force 47 turnout operation has 33,000 volunteers and counting.Its efforts are focused on low-propensity voters and early voting, the spokesperson said, adding that "allied efforts will knock on a projected 15 million doors" across battleground states.The campaign did not clarify how much of those efforts would come from super PACs.But some of America PAC's canvassing efforts may be experiencing setbacks. <a target="_blank" class="" href="https://www.theguardian.com/us-news/2024/oct/19/trump-campaign-leaked-data-voters-elon-musk">The Guardian reported</a> that roughly 25% of door-knocking efforts in Arizona and Nevada were flagged as false, with canvassers claiming to visit houses they hadn't.America PAC did not immediately respond to a request for comment from Business Insider. It denied to The Guardian it was experiencing fraud at the levels reported.In a joint statement, the canvassing firms hired by America PAC told the Guardian they were "fully confident in the authenticity of our door counts" and added that they were "on pace to exceed every single one of our door goals."<h2 id="e7de2ba3-d810-420a-982c-70d7ac9388a1">The Harris campaign's more traditional ground approach</h2>The Kamala Harris campaign, meanwhile, is taking a more traditional approach to its field operations as polls remain <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-15-days-swing-states-polling-2024-10">historically tight</a>.Harris' battleground states director Dan Kanninen <a target="_blank" class="" href="https://www.washingtonpost.com/politics/2024/10/11/inside-harris-campaigns-ground-game/">told The Washington Post</a> that it's hired 2,500 staff in more than 350 swing state offices for its ground operation, along with "hundreds of thousands of volunteers."Kanninen likened Trump's ground game to "phone calls and spam from telemarketers," telling The Post that the reliance on paid operations from outside groups was "just not very effective."The Harris campaign did not immediately respond to a request seeking more details about its ground game efforts or its thoughts on Musk's contributions.

Elon Musk is becoming a key part of Trump's get-out-the-vote plan

<ul class="summary-list"><li>David B. Horne is an entrepreneur with no plans to retire.</li><li>His own dad worked till 83 and died two years later.</li></ul>This as-told-to essay is based on a conversation with David B. Horne, founder of<a target="_blank" href="https://addthenmultiply.com/add-then-multiply-book/#"> Add Then Multiply</a>, a consulting firm. It has been edited for length and clarity.When I was in my mid-30s and working in the corporate world, I thought that 55 would be a <a target="_blank" class="" href="https://www.businessinsider.com/retired-early-put-on-performance-improvement-plan-2024-4">good age to retire</a>. Now I'm 62, and I have no plans to retire, despite the fact that friends and even my wife are stepping back from their long-term careers.The biggest thing that's changed for me over those 30 years was starting my own business. Even when I was a high-level executive at several <a target="_blank" class="" href="https://www.businessinsider.com/the-25-best-multinational-companies-2011-10">multinational corporations</a>, I just felt like a cog in the wheel.When I started <a target="_blank" class="" href="https://www.businessinsider.com/why-startup-experience-is-worth-it-2018-5">working for start-ups</a>, and then founded my own business around the age of 50, I flourished. That's when I realized that I had created a lifestyle that I never wanted to retire from.<h2 id="b420645a-6555-451b-82fe-bfc420c7896c">My dad worked until he was 83</h2>I'm not the first person in my family with little <a target="_blank" class="" href="https://www.businessinsider.com/my-husband-worries-well-run-out-of-money-in-retirement-2024-4">interest in retirement</a>. My own dad worked until he was 83. He was a boat captain and later became a boat pilot. When he had to take medical retirement because of an injury, he got involved with international maritime organizations. He loved the work. I think his eventual retirement contributed to his death two years later.I know my choice isn't for everyone. My in-laws are both approaching 90, and they've been retired for more than two decades. They loved that they don't "have to" do anything — they just do what they want. Yet when I look at their choices, I know I would feel bored. That's not a value judgment. I just know their choice isn't right for me.My wife, Kate, retired at 57 after working as an <a target="_blank" class="" href="https://www.businessinsider.com/tips-from-elementary-teacher-how-to-prepare-kids-for-school-2023-8">elementary school teacher</a>. Luckily, we've been able to strike a balance between her retirement lifestyle and my work demands. I make sure I'm available during the evenings, and we go for long walks on the weekends. We travel together at least four times each year.<h2 id="6049b532-674f-4a4c-bee5-ef9dc93db8ae">I focus on the parts of work that bring me joy</h2>Because <a target="_blank" class="" href="https://www.businessinsider.com/single-mom-running-business-tips-work-life-balance-find-time-2024-6">I own my own business</a>, I have a lot of control over my working environment. I pour my time and energy into the areas of business that interest me most. For me, that's strategic decision-making, including fundraising and mergers and acquisitions.I want to be a visionary in my business, which makes work a lifelong endeavor for me. I like being challenged and feeling like I'm learning. My dad was the same way — he even enrolled in college for a semester while I was there. Work allows me to feel that buzz and excitement no matter my age.While not everyone can tailor their schedule as much as I can, I believe that even employees can focus on the areas of work that are most fulfilling to them.<h2 id="babf16e7-aae7-4d96-a02c-92cf501136cf">I outsource the tasks I dislike</h2>At the same time, I outsource the aspects of work that are tedious or unenjoyable for me. My <a target="_blank" class="" href="https://www.businessinsider.com/virtual-assistant-service-helps-family-save-10-hours-in-chores-2022-4">personal assistant</a> handles all the day-to-day logistics of my schedule. I've carefully selected employees who can keep things running even when I'm away from work. I've surrounded myself with people who love doing the tasks I don't enjoy.Because of that, I have more time to travel, something that many people do in retirement. I typically work seven days a week (full time during the weekdays and half days on Saturday and Sunday). Yet, I also take lots of time away. I was in Greece for my daughter's wedding in August and will travel to Canada for a month this fall. When I'm traveling, I'm entirely unplugged, able to join Kate in her retirement mindset. I know my team will call me if there's anything truly critical.<h2 id="7536b96c-1d44-48db-9036-36cdc476de59">I still save for retirement</h2>While I plan to keep working for at least the next 10 years, I'm also saving for my old age. I live in the UK, but I have a retirement savings account similar to a 401(k) that's worth roughly $700,000. I also have other investments that are more risky but with potentially higher payoffs. Eventually, I'd like to live off the return from my investments, with any business income as an added bonus.I don't plan to work seven days a week forever. I'm crafting a career that reflects what I want as I age: intellectual engagement and a sense of purpose, with plenty of time for family and travel.

I'm 62 and have no plans to retire. I focus on the parts of my work that bring me joy.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! Answering the age-old question of who gets the dog in the divorce is getting a bit easier thanks to <a target="_blank" href="https://www.businessinsider.com/pet-prenups-new-divorce-marriage-trend-provisions-legal-dogs-2024-8">the rise of pet prenups</a>.In today's big story, you shouldn't be so keen to <a target="_blank" href="https://www.businessinsider.com/3-things-never-tell-manager-from-hr-professional-2024-8">share everything with your manager</a>.What's on deck:<ul><li>Markets: A simple test to see <a target="_blank" href="https://www.businessinsider.com/recession-indicator-perkins-rule-negative-payroll-report-sahm-unemployment-rate-2024-8">if a recession is coming</a>.</li><li>Tech: OpenAI is hiring someone to investigate <a target="_blank" href="https://www.businessinsider.com/openai-is-hiring-someone-to-investigate-its-own-employees-2024-8">what's going on at…OpenAI</a>.</li><li>Business: How Alex Cooper's massive <a target="_blank" href="https://www.businessinsider.com/call-her-daddy-alex-cooper-earn-125-million-siriusxm-2024-8">$125 million deal with SiriusXM</a> actually works.</li></ul>But first, no comment.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="1e593378-5542-4c45-a3d2-c8bfdd17a82f">The big story</h3><h2 id="db6f50da-fe8b-4939-864d-09af2ca40756">TMI = too much intel</h2><div type="image" title="Photo collage featuring Valerie Rodriguez, an HR professional" height="900" width="1200" msid="112842418" hostid="261" sizebytes="81752"></div>We're taught to share as kids, but doing it in the workplace has serious downsides.HR director Valerie Rodriquez detailed <a target="_blank" href="https://www.businessinsider.com/3-things-never-tell-manager-from-hr-professional-2024-8">what you shouldn't share with your manager</a> to avoid uncomfortable situations.For example, you should keep your weekend plans to yourself, lest they're used against you.Rodriguez's friend faced rumors at work after calling in sick because people assumed she was at a concert, something she had previously told her manager she enjoyed.That might seem like an extreme situation — and more an example of a toxic work environment — but it doesn't make the point less valid. Disclosing personal details at work can often lead to more harm than help.It's an important lesson to learn at a time when the workplace has drastically changed since the pandemic. Zoom calls and Google Hangouts broke down some barriers between work and personal lives. (Remember virtual happy hours?!)Add in the fact the workforce's newest entrants — Gen Z — aren't familiar with typical corporate customs, and you can see how oversharing can become an issue.<div type="image" title="An employee on a laptop with crosshairs around him" height="1500" width="2000" msid="112842411" hostid="261" sizebytes="153758"></div>Maybe you feel shedding your personality at work could ultimately hold you back.After all, building relationships with colleagues is sometimes a ticket to success. And <a target="_blank" href="https://www.businessinsider.com/personality-hires-are-important-to-company-culture-2024-4">being the personality hire</a> has its benefits.But Eddy Gramajo fell into the trap of focusing on corporate culture over his actual work at Deloitte, which <a target="_blank" href="https://www.businessinsider.com/new-grad-fired-deloitte-made-these-mistakes-2024-8">led to his firing after 18 months</a>.Gramajo, who has since built a successful career in tech working at Dropbox, faced an uphill battle when he joined the Big Four firm as a first-generation college graduate from a low-income background. Surrounded by people he felt were more comfortable in the corporate environment, he relied on one of his biggest strengths to get by: relationship-building skills.That worked for a time. However, performance issues resulting from his lack of focus on work began to pile up, eventually leading to his termination.Gramajo's experience at Deloitte was a decade ago, but the takeaway is even more relevant today. With fears of a recession and layoffs seemingly never going away, employees might be better off just focusing on their work.After all, they say <a target="_blank" href="https://www.businessinsider.com/work-friends-are-over-remote-jobs-gen-z-relationships-pandemic-2024-6">work friends are overrated</a>.<h3 id="28eea1f9-22ff-41f0-81a5-0dde8ac8c34f">News brief</h3><h2 id="eae6b391-b7ec-4a0c-b9b0-764ec4cfd76a">Top headlines</h2><ul><li>Edgar Bronfman <a target="_blank" rel="noopener" href="https://www.businessinsider.com/edgar-bronfman-dropped-out-paramount-bid-deal-skydance-merger-fortress-2024-8">drops his $6 billion Paramount bid</a>.</li><li>Apple's big iPhone 16 event now has an official date — <a target="_blank" href="https://www.businessinsider.com/apples-iphone-16-heres-what-we-know-ai-battery-i2024-7">here's what to expect</a>.</li><li>More than 20% of Kamala Harris' July fundraising haul came from California, <a target="_blank" href="https://www.businessinsider.com/harris-july-fundraising-california-tech-silicon-valley-2024-8">thanks to the tech world</a>.</li><li>Nvidia has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-earnings-questions-product-delays-2024-8">lots of questions to answer</a> in this week's earnings call on product delays, competition, and China.</li><li>Elon Musk tells X staff to write a one-page summary of their achievements to get stock options, <a target="_blank" href="https://www.businessinsider.com/elon-musk-tells-x-staff-to-prove-deserve-stock-options-2024-8">report says</a>.</li><li>Former billionaire John Foley says he lost all his money and had to sell 'almost everything' after <a target="_blank" class="" href="https://www.businessinsider.com/peloton-john-foley-former-ceo-says-lost-all-money-2024-8">losing the Peloton CEO job</a>.</li><li>The courts could decide this presidential election, and both campaigns are <a target="_blank" href="https://www.businessinsider.com/donald-trump-kamala-harris-preparing-legal-challenges-election-decided-court-2024-8">gearing up for an ugly legal fight</a>.</li><li>Kamala faces an <a target="_blank" href="https://www.businessinsider.com/kamala-harris-gen-z-2024-election-obama-2008-young-voters-2024-8">uphill battle with Gen Z</a>.</li><li>Judge orders 'Pharma Bro' Martin Shkreli to hand over copies of <a target="_blank" href="https://www.businessinsider.com/martin-shkreli-wu-tang-clan-album-copies-judge-order-2024-8">one-of-a-kind Wu-Tang Clan album</a>.</li></ul><h2 id="134a0410-4339-425e-8cd9-fb2857e6bf7d">3 things in markets</h2><div type="image" title="a crumbling dollar made of stone set against an intense red background." height="720" width="960" msid="112842421" hostid="261" sizebytes="124296"></div><ol><li>What an interest-rate cut means for the US dollar. With cuts coming next month, Treasury yields will fall, hurting the US dollar. But the strength of the stock market has limited the downside, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/us-dollar-falls-fed-powell-rate-cut-signal-limited-impact-2024-8">according to Goldman Sachs</a>. More broadly, economic researchers highlighted the<a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-usd-yuan-china-russia-currency-sanctions-2024-8"> four biggest headwinds for the dollar</a>.</li><li>It's time to start bargain shopping when it comes to investing. Investment firm GMO, led by legendary investor Jeremy Grantham, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/cheap-stocks-deep-value-valuations-tech-stock-market-outlook-grantham-2024-8">sees big potential with "deep value" stocks</a>. Those securities are cheap relative to their genuine fundamental worth, and should benefit as investor sentiment in mega-caps unwinds</li><li>A more straightforward recession indicator. Tired of trying to understand recession signals that combine a series of complicated date points? The Perkins Rule might be for you. The indicator is only triggered <a target="_blank" href="https://www.businessinsider.com/recession-indicator-perkins-rule-negative-payroll-report-sahm-unemployment-rate-2024-8">when a negative monthly payroll report is received</a>. (We're not there yet.)</li></ol><h2 id="cffc84b2-6be4-4514-962e-e98212db414d">3 things in tech</h2><div type="image" title="Pavel Durov" height="681" width="1024" msid="112842415" hostid="261" sizebytes="62252"></div><ol><li>Telegram says CEO has "nothing to hide" after Paris arrest. The messaging platform <a target="_blank" href="https://www.businessinsider.com/telegram-standing-behind-its-ceo-after-his-arrest-in-paris-2024-8">backed CEO Pavel Durov</a> after he was <a target="_blank" href="https://www.businessinsider.com/pavel-durov-arrest-france-what-is-telegram-explained-2024-8">detained at an airport</a> on Saturday. Authorities say Telegram isn't properly moderated and is being used for illegal activities; the platform maintains it abides by EU law.</li><li>OpenAI wants a watchdog on its own employees. The company is hiring someone to <a target="_blank" href="https://www.businessinsider.com/openai-is-hiring-someone-to-investigate-its-own-employees-2024-8">investigate "suspicious activities"</a> originating from within the company — a sign it's worried about the behaviors of its own workers. It's another example of the lengths OpenAI will go <a target="_blank" href="https://www.businessinsider.com/openai-competition-investor-anxiety-talent-retention-microsoft-meta-google-2024-8">in order to stay on top</a>.</li><li>What's the price of an AI engineer? At Microsoft AI, it's about 48% more than all other US software engineering roles at the tech giant, according to <a target="_blank" href="https://www.businessinsider.com/microsoft-pay-data-shows-how-much-more-ai-workers-make-2024-8">leaked pay data</a>. Some acquihire engineers were worth as much as $4 million a pop.</li></ol><h2 id="680f7705-8410-4078-8117-cec62f7fb0cc">3 things in business</h2><div type="image" title="Image of Alex Cooper" height="512" width="683" msid="112842404" hostid="261" sizebytes="21656"></div><ol><li>Inside the "Call Her Daddy" podcaster's sweet new deal. Alex Cooper inked a three-year deal with SiriusXM reportedly worth a jaw-dropping $125 million — more than double her previous contract with Spotify. But it won't be easy. She'll have to hit <a target="_blank" href="https://www.businessinsider.com/call-her-daddy-alex-cooper-earn-125-million-siriusxm-2024-8">these tough benchmarks</a> before she can cash out those 0's.</li><li>Dump Hinge and Tinder; you've got 11 new options. If you're burned out on Tinder and fed up with Hinge's "<a target="_blank" href="https://www.businessinsider.com/elon-musk-favorite-dating-app-fatigue-tokyo-america-birth-rate-2024-7">rose jail</a>," fear not. These 11 founders are forming a new class of dating apps, which use innovative techniques to <a target="_blank" href="https://www.businessinsider.com/new-dating-startups-and-apps-disrupting-the-industry-2024-8">disrupt the dating industry</a>.</li><li>For some influencers, the chance to impact the election outweighs career risks. A new survey found content creators risk followers by talking about the election. That hasn't deterred them — a majority of influencer respondents were <a target="_blank" href="https://www.businessinsider.com/influencers-love-jumping-into-politics-that-might-be-a-mistake-2024-8">ready to bat</a> for their political champions.</li></ol><h2 id="b088b686-3c53-4e48-9fc0-4cf7ab332095">In other news</h2><ul><li>The biggest star of the US Open: <a target="_blank" href="https://www.businessinsider.com/us-open-honey-deuce-cocktail-millions-sales-2024-8">A cocktail that brought in $10 million</a>.</li><li>Hosts have ruined Airbnb with excessive fees, high demands, and bad customer service, <a target="_blank" href="https://www.businessinsider.com/hosts-contributed-to-airbnb-downfall-experts-fees-high-costs-say-2024-8">travel experts say</a>.</li><li>10 things you should never do at a golf course, <a target="_blank" href="https://www.businessinsider.com/things-you-should-never-do-golf-course-employees-pga-pros">according to PGA pros and employees</a>.</li><li>The cheapest Cybertruck now costs nearly $100,000. <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-alternatives-rivian-ford-chevy-2024-8">Here are 5 alternatives.</a></li><li>An ex-Meta engineer and Stanford Ph.D. student built a bot in a bid to take on big job sites and <a target="_blank" href="https://www.businessinsider.com/hiring-cafe-job-site-ex-meta-stanford-phd-2024-8">put the power in the hands of job seekers</a>.</li><li>The starter home is making a comeback as <a target="_blank" href="https://www.businessinsider.com/starter-homes-sales-housing-market-first-time-buyers-redfin-mortgage-2024-8">the housing market thaws for first-time buyers</a>.</li></ul><h2 id="17e86f8a-a160-4453-b88d-e79a4033c7ff">What's happening today</h2><ul><li>National Security Advisor Jake Sullivan meets with Chinese Foreign Minister Wang Yi.</li><li>AFL-CIO president Liz Shuler delivers Labor Day State of the Unions address, including a plan to support Democratic nominees Kamala Harris and Tim Walz in the presidential election.</li><li>Nordstrom and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> report earnings.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

When it comes to work convos, you might be better off keeping your weekend plans to yourself

<ul><li><keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> can heave a sigh of relief after finally succeeding in raising funds.</li><li>The telco has raised ₹4,500 crore from its promoters, and has an option to raise an additional ₹10,000 crore later.</li><li>This comes after the Vodafone Group sold a 7.1% stake in Indus Towers, raising over ₹4,300 crore in the process.</li></ul>Vodafone Idea has finally kickstarted its long-awaited fundraising plan, with the company’s promoters – Vodafone Group Plc., and Aditya Birla Group, pitching in with ₹4,500 crore. Interestingly enough, Vodafone Group had earlier <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">refused to infuse funds</a> in the telco for several months. Ahead of the fundraising announcement on March 3, the company’s shares ended the day up by over 6%. This should provide some respite to the company’s investors, who have seen their investment erode by a third since the beginning of 2022. However, Vodafone Idea’s shares were down by 3.6% as of 9:40 a.m., today, March 4, as the Russia-Ukraine conflict continues to worsen. <div type="image" title="Vodafone Idea 01_01_22 to 04_03_22." msid="89983726" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price in 2022&amp;lt;/p&amp;gt;"></div> The company’s board has room to raise an additional ₹10,000 crore via equity and debt instruments, including depository receipts and foreign currency convertible bonds. This comes after the Vodafone Group <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">sold</a> a total of 7.1% stake in tower company Indus Towers – it raised ₹1,442 crore via a 2.4% stake sale via a block deal, and another ₹2,900 crore by selling the balance 4.7% stake to Bharti Airtel, a rival of Vodafone Idea. Out of the ₹4,500 crore, 75% of the funds will come in from the Vodafone Group, with the Aditya Birla Group contributing the remaining 25%. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="What does it mean for users?" comment="subhead" text="What does it mean for users?">What does it mean for users?</cmsannotation> The fundraise should help Vodafone Idea work towards its plans to raise capital expenditure to the tune of $2 billion (approx. ₹15,000 crore). This will primarily be aimed at boosting the telco’s network capacities, improving the technology backend and participating in the upcoming 5G spectrum auction, expected to happen sometime in the first quarter of 2022. <cmsannotation type="cmsannotation" annotationid="Fundraise comes soon after Vodafone Idea opted for AGR dues moratorium" comment="subhead" text="Fundraise comes soon after Vodafone Idea opted for AGR dues moratorium">Fundraise comes soon after Vodafone Idea opted for AGR dues moratorium</cmsannotation> The long-awaited fundraise comes soon after the ailing telecom operator opted for the Indian government’s adjusted gross revenue (AGR) dues moratorium, allowing it to obtain a much-needed cash flow relief. According to the AGR and spectrum dues case in the Supreme Court, the total demand stood at ₹58,254 crore of which Vodafone Idea has already repaid ₹7,854 crore. Its current outstanding is ₹50,339 crore. More recently, <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-reportedly-wants-the-government-to-release-15000-crore-bank-guarantees/articleshow/89937099.cms">the telco also applied</a> to the Department of Telecommunications (DoT) to release its bank guarantees worth ₹15,000 crore, and also freeze the calculation of interest on its AGR dues on the date of its application for moratorium. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-reportedly-wants-the-government-to-release-15000-crore-bank-guarantees/articleshow/89937099.cms">Vodafone Idea reportedly wants the government to release ₹15,000 crore bank guarantees ahead of its fundraising plan</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">Vodafone Idea’s British parent could infuse capital in the telco after refusing to do so for several months</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-reliance-jio-loses-13-million-subscribers-its-second-largest-fall-so-far/articleshow/89644193.cms">Reliance Jio gets its second big jolt on its path to 500 million subscribers</a>

Even a big fundraise is not helping Vodafone investors as Russia-Ukraine conflict takes the wind out of global markets

<ul class="summary-list"><li>JD Vance is once again addressing the "weird" label that Kamala Harris' campaign has given him.</li><li>He said he thought the label "came from a bunch of 24-year-old social media interns who were bullied in school."</li></ul>Sen. JD Vance hit out at <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-vice-president-problem-weird-nastiness-2024-7">people who've been calling him and his party "weird"</a> — and blamed young people on social media for ascribing that label to the GOP campaign.On Wednesday, a reporter <a target="_blank" class="" href="https://www.pbs.org/newshour/politics/watch-live-vance-makes-campaign-stop-at-eau-claire-aviation-equipment-manufacturer">asked</a> the Ohio senator in Eau Claire airport, Wisconsin, what he thought about the label."I think this argument honestly came from a bunch of 24-year-old social media interns who were bullied in school, and they decided they're going to project that onto the entire Trump campaign," he said.He then went on to say that he's a "normal guy.""I got my wife here, I've got three beautiful kids at home, I'm a normal guy who wants to live the American dream," Vance said.Adding that he's not affected by the comment, the vice presidential nominee said he plans to wear the "weird" label like a "badge of honor."<h2 id="52d9befd-1afb-4c8f-bb0d-dc9d290320fd">Decoding 'weird'</h2>The label "weird" has been used <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/07/30/remarks-by-vice-president-harris-at-a-campaign-event-atlanta-ga/">multiple times</a> by Vice President and Democratic presidential nominee Kamala Harris and her newly-minted running mate, Gov. Tim Walz."You may have noticed Donald Trump has been resorting to some wild lies about my record," she <a target="_blank" class="" href="https://apnews.com/article/kamala-harris-fundraiser-presidential-campaign-9f4713f2b07cde2f7b7cbb7bdcfa9240">said during a fundraiser </a>in Massachusetts on July 27. "And some of what he and his running mate are saying, it's just plain weird."Her Kamalahq X account has used the word "weird" to describe Vance on at least <a target="_blank" class="" href="https://x.com/KamalaHQ/status/1820554174095896962">two separate</a> <a target="_blank" class="" href="https://x.com/KamalaHQ/status/1816924798099874092">occasions</a>.And Walz already shared Harris' sentiments way before he was picked as her running mate.During an <a target="_blank" class="" href="https://www.msnbc.com/morning-joe/watch/gov-watz-people-like-jd-vance-know-nothing-about-small-town-america-215470661588">MSNBC interview</a> released on July 23, he said: "These guys are just weird." He added that he thought people like JD Vance and former President Donald Trump were running for a "he-man women-haters club or something."He reiterated that <a target="_blank" class="" href="https://thehill.com/homenews/campaign/4815017-walz-harris-trump-vance-attacks/">during his rally in Philadelphia</a> on Tuesday."These guys are creepy and, yes, just weird as hell," Walz said. Walz has also made other quips about his VP opponent, telling rallygoers that he's <a target="_blank" class="" href="https://www.businessinsider.com/tim-walz-couch-joke-jd-vance-debate-2024-8">game to debate Vance if the latter is "willing to get off the couch."</a>Representatives for Vance did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

JD Vance, who's totally not mad about being called 'weird,' says he's just a 'normal guy' who plans to wear the label like a badge of honor

<ul class="summary-list"><li>GOP senators complained to leadership about <keyword id="12485982" type="UNKNOWN" weightage="60" keywordseo="rick-scott" source="Orion">Rick Scott</keyword>'s policy plan, The Washington Post reported.</li><li>Several senators said they were being attacked over the tax and term limit proposals.</li></ul>After Sen. Rick Scott released his conservative "Rescue America" policy plan, fellow Republican senators grumbled to GOP leadership about the attacks they were facing because of the proposal, <a href="https://www.washingtonpost.com/elections/2022/04/18/rick-scott-senate/">according to The Washington Post</a>.The 11-point plan — which <a href="https://rescueamerica.com/11-point-plan/">immediately</a> attracted attention due to its controversial tax proposals — drew Republicans into a debate that they didn't want to have in a year when they feel confident that they can retake one or both chambers of Congress this fall. And those members let their feelings be known during a late February meeting in the office of Senate Minority Leader <keyword id="11977287" type="UNKNOWN" weightage="60" keywordseo="mitch-mcconnell" source="Orion">Mitch McConnell</keyword> of Kentucky, who had already <a href="https://www.businessinsider.com/rick-scott-rescue-plan-for-america-republicans-democrats-trump-2022-2">distanced</a> himself from the Florida Republican's plan.According to The Post, Scott's Senate colleagues brought forward articles that showed members being attacked for certain provisions of the plan, especially the proposal about <keyword id="11898253" type="UNKNOWN" weightage="60" keywordseo="taxes" source="Orion">taxes</keyword> and another on implementing term limits. Several members reportedly "chastised" the senator "in round-robin fashion" for the unneeded problems that he was creating for members, according to individuals with knowledge of the meeting who spoke to The Post.Congressional Democrats quickly seized on the proposal and have attacked the Scott plan as a tax increase on American families, which the senator has <a href="https://www.businessinsider.com/rick-scott-tax-plan-gop-agenda-mcconnell-heritage-2022-3">firmly</a> rejected. The Biden White House on Monday <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/04/18/fact-sheet-this-tax-day-the-president-is-fighting-to-reward-work-not-wealth-while-republicans-want-to-increase-taxes-on-the-middle-class/">issued</a> a Tax Day "fact sheet" that poked at Scott's plan."The difference in approach between the President and Congressional Republicans couldn't be clearer," the statement read. "The President is fighting for tax cuts for the middle class and to ensure that the super wealthy and large corporations pay their fair share, while Congressional Republicans, led by Senator Scott, are proposing big tax increases on middle-class families.""Democrats are lying about the plan, and Republicans are parroting what they're saying," Scott said at a recent <a href="https://www.heritage.org/conservatism/event/senator-rick-scott-and-dr-kevin-roberts-rescuing-america">event at the Heritage Foundation</a>. "I'm not going to raise taxes on anybody."However, the "Rescue America" plan <a href="https://rescueamerica.com/steps/5-economy-growth/">aims</a> to get every American to pay some form of federal income tax "to have skin in the game." That would represent a tax increase to the roughly 50 percent of Americans who currently pay no federal income taxes because they either don't make enough to have income tax liability or they receive various tax credits.Scott — who was first elected to the Senate in 2018 and currently serves as the chairman of the <keyword id="12315719" type="UNKNOWN" weightage="60" keywordseo="national-republican-senatorial-committee" source="Orion">National Republican Senatorial Committee</keyword> — steadfastly rejected the criticism of his plan."My whole life has been people telling me that, you know, you're doing it the wrong way. You can't, you shouldn't be doing this," he told The Post.In his capacity as NRSC chairman, Scott is tasked with leading the party's Senate fundraising arm, but he has also received some blowback from his efforts on that front, especially as the upper chamber is split 50-50 and the GOP is eager to regain the majority that they lost last year after the <a href="https://www.businessinsider.com/raphael-warnock-jon-ossoff-georgia-senate-shifting-demographics-religion-stimulus-2021-1">dual Georgia runoff elections</a>.According to The Post, some Republicans have privately complained that Scott has turned the NRSC into the "National Rick Scott Committee" and joked that he was laying out his plans "for four percent in Iowa," a reference to the first-in-the-nation presidential caucus.While Scott has <a href="https://www.politico.com/newsletters/florida-playbook/2021/11/12/rick-scott-to-run-for-reelection-in-24-495079">committed</a> to running for reelection in 2024 — amid prior speculation that he sought to mount a presidential bid — he will also have to navigate McConnell's firm grip in mapping out the Republican agenda.McConnell in February dismissed any talk of tax changes associated with Scott's proposal, with the GOP leader <a href="https://www.businessinsider.com/mcconnell-no-republican-legislative-agenda-before-2022-midterm-elections-2021-12">reportedly</a> not keen on not releasing any details of the party's legislative goals before the November midterms."If we're fortunate enough to have the majority next year, I'll be the majority leader, I'll decide in consultation with my members what to put on the floor," he told reporters at the time.He continued: "And let me tell you what would not be part of our agenda. We will not have as part of our agenda a bill that raises taxes on half the American people, and sunsets social security and Medicare within five years."

GOP senators slammed Rick Scott for creating needless problems with his controversial tax plan: report

Edtech platform <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s on Monday said that the company has received funds from 11 out of 13 investors in a Rs 3,600 crore funding round which started in June last year. New York-based Oxshott in September 2021 invested Rs 1,200 crore as part of the Series F round at Rs 285,072 per share, which is yet to arrive. "Additionally, Oxshott wasn't leading the round. In fact, they were one of the last investors to come in for that round. Out of the total Rs 3,600 crore, Rs 2,400 crore has already come in," a company spokesperson told IANS. Other investors in the round were Edelweiss (Rs 344.9 crore), IIFL (Rs 110 crore), Verition Multi-Strategy Master Fund (Rs 147 crore), and XN Exponent Holdings (Rs 150 crore). The Morning Context first reported that "money from <keyword id="14428557" type="General" weightage="50" keywordseo="oxshott-capital-partners" source="Orion">Oxshott Capital Partners</keyword> or related entities for an investment has not reached the company". Oxshott <keyword id="14428559" type="General" weightage="50" keywordseo="venture-fund-x-llc" source="Orion">Venture Fund X LLC</keyword> and <keyword id="14428558" type="General" weightage="50" keywordseo="drd-holdings-sarl" source="Orion">DRD Holdings SARL</keyword> are both investment vehicles of <keyword id="14428556" type="General" weightage="50" keywordseo="oxshott-capital" source="Orion">Oxshott Capital</keyword>. It is common industry practice for investment funds to establish separate investment vehicles for compliance/internal structuring purposes to deploy investments. In the current case, the investor has requested that their investment be deployed through DRD Holdings SARL (instead of Oxshott Venture Fund X LLC). The fresh development came after another report recently claimed that some money in the Rs 6,300 crore private equity investment that BYJU's announced early this year has also not arrived. In March, BYJU'S had announced to raise about Rs 6,300 crore (around $800 million) from Sumeru Ventures, Vitruvian Partners, and BlackRock. <keyword id="1702989" type="General" weightage="50" keywordseo="byju-raveendran" source="Orion">Byju Raveendran</keyword>, Founder and CEO, was also part of the funding round and made a personal investment of $400 million. According to reports, the money from Sumeru Ventures "hasn't come in and questions are being raised about the fund's antecedents". However, BYJU'S said most of the funds have been received and the rest were on track. The company said that "its fundraising efforts are on track and majority of the $800 million has been already received". "The balance is also expected soon," a company spokesperson had told IANS. Meanwhile, the edtech giant said recently it has closed the nearly $1 billion acquisition of offline test preparatory services provider <keyword id="6380190" type="General" weightage="50" keywordseo="aakash" source="Orion">Aakash</keyword>. The company, in a statement, said last week that its payments to Aakash are "closed" and the "audited financial results are going to be announced in the next 10 days". BYJU'S has also been in the news for laying off employees and disgruntled parents complaining about poor quality of learning material and sales pitches by agents. Late last month, BYJU's announced to cut nearly 600 jobs -- 300 employees at its Toppr learning platform and another 300 at coding platform WhiteHat Jr. "In order to reduce redundancies across our organisation after multiple acquisitions, we had to let go of nearly one per cent of our 50,000+ strong workforce," said a company spokesperson. BYJU'S also lost a case in a consumer court, where a Bengaluru man sued the company in a consumer court for providing low-quality tablets and study material to his son and daughter who were promised <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword> tablets worth Rs 25,000. Further, the edtech major also backed out of its promise to convert the tuition fee of Rs 99,000 into EMIs. When the company did not pay heed to his demand of cancelling the subscription and refunding, he filed a case and won a refund of the fee of Rs 99,000 and a compensation of Rs 30,000, according to reports. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-priorities-for-building-an-energy-efficient-indian-economy/articleshow/92804706.cms">OPINION: Priorities for building an energy-efficient Indian economy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/uber-files-what-they-reveal-about-the-companys-india-operations/articleshow/92805725.cms">Uber Files — What they reveal about the company’s India operations</a>

Byjus raises more Rs 3,600 cr and says its fundraising plans are on 'track'

<ul class="summary-list"><li>Äktiiv recently hit a fundraising goal after launching its first products on Kickstarter.</li><li>The company's management includes a 15-year Nike veteran and Jeffrey Jordan, Michael Jordan's son.</li></ul>Two Nike veterans, including the basketball legend Michael Jordan's son Jeffrey Jordan, are launching a brand for sustainable workout apparel that hopes to compete with the likes of Lululemon. The Portland, Oregon, startup Äktiiv, which rhymes with black sleeve, <a href="https://www.kickstarter.com/projects/aktiiv/aktiiv-kickstarter?">launched its first products on Kickstarter</a> in November and recently hit its fundraising goal. Cash from the campaign will be used to scale the company, including its marketing.Äktiiv wants to take on Lululemon and Nike in the market for premium leggings and activewear for women. But there's a twist: <a href="https://www.aktiiv.co/">Äktiiv products</a> are biodegradable and made from plants, not materials derived from oil or plastics. By contrast, the sustainable leggings sold by other brands sometimes contain recycled polyester, which is typically <a href="https://cfda.com/resources/materials/detail/polyester">derived from petroleum</a>. Polyester is a staple of athletic footwear and apparel because it's lightweight, durable, and versatile. "Petroleum is the enemy," Tim Gobet, a 15-year Nike veteran and an Äktiiv cofounder, said. "That's the line that we want to put in the sand."Äktiiv is the <a href="https://www.businessinsider.com/20-nike-execs-who-started-their-own-businesses-heres-where-they-are-now-2022-6">latest startup with Nike DNA</a> to launch, and it's another sustainable brand <a href="https://www.businessinsider.com/former-adidas-brand-president-looks-to-spark-tesla-moment-streetwear-2022-10">hell-bent on moving the sportswear industry away</a> from plastics.Äktiiv launched a one-month $25,000 Kickstarter campaign on November 1. The launch included a bra, a legging, a short, a tank, and a short-sleeve top. Leggings were discounted during the Kickstarter campaign and will retail for $100.The company's products are made at a contract factory in Shanghai with a proprietary plant-based material made by weaving together three types of natural thread."It feels like nylon or polyester," Gobet said. "You would never know it's made from plants."<div type="image" title="Jeffrey Jordan is an Äktiiv investor and adviser." height="1600" width="2133" msid="96009161" hostid="261" sizebytes="121978"></div><h2>'Mirroring what happened with the food movement'</h2>Gobet worked for Nike for 15 years, including as a senior product manager for basketball. He also worked on the company's <a href="https://affiliate.insider.com?postID=6360002b186a0b59f0066bf5&amp;site=bi&amp;u=https%3A%2F%2Fwww.nike.com%2Fw%2Fnike-pro-clothing-3cqxfz6ymx6">Nike Pro apparel line</a>, which focuses on technical performance. Similarly, Äktiiv products are designed to be worn in the gym, not while running errands.He cofounded the company with Brian Boesen, who previously cofounded Colorado Threads, which makes yoga pants from recycled water bottles, before selling his stake in it. Jordan, a seven-year Nike veteran, serves as an Äktiiv investor and advisor. He worked in several departments at Nike's Jordan brand, including digital innovation, before leaving the company in 2020 and <a href="https://variety.com/2021/digital/news/michael-jordan-and-his-son-jeffrey-jordan-launch-heir-inc-entertainment-and-tech-venture-1235133319/">cofounding Heir</a>, a digital platform that helps athletes connect with fans.Jordan and Gobet met while working at Nike about a decade ago and immediately "clicked," they said."Sustainability has been something we've talked about quite a bit," Jordan said. "This type of product just doesn't exist."Gobet and Jordan spoke highly of Nike but said they hoped big apparel and sportswear brands would follow them into increased sustainability and the elimination of plastic. Brands like <a href="https://www.businessinsider.com/former-adidas-brand-president-looks-to-spark-tesla-moment-streetwear-2022-10">Unless Collective</a> and Kent have also emerged with the same ethos. Kent, which makes underwear from plastic-free material, recently <a href="https://www.youtube.com/watch?app=desktop&amp;v=6eGu4XUDrFY">got an investment on "Shark Tank."</a> Hitha Herzog, the chief retail analyst for Doneger Tobe, said there's consumer demand for clothing made more sustainably. "In some ways this sector of the industry is mirroring what happened with the food movement," she said in an email to Insider. "People want to know where their items are coming from in a real and transparent way."Herzog said the biggest challenge for Äktiiv will be its ability to communicate all of its sustainability efforts, not just its materials. She said consumers wanted to know about everything from factory working conditions to water use, not just the lack of plastic.Äktiiv will primarily be a direct-to-consumer company, but Gobet and Jordan said they're considering a few retail partnerships. They also plan to expand into men's products."Nike was the best school ever," Gobet said. "I love Nike. I love Jordan. But I want to innovate. I truly believe all these big brands are going to have to follow where we're going."

An activewear startup backed by Michael Jordan's son hit its first fundraising goal. Here's how Äktiiv plans to take on Lululemon and Nike.

<ul class="summary-list"><li>Elon Musk's SpaceX is reportedly looking to fundraise through a new sale of employee shares.</li><li>The sale could value SpaceX at $150 billion, according to Bloomberg and the Wall Street Journal.</li></ul>SpaceX is considering a new fundraising effort through a sale of employee stock shares, which would value the company at about $150 billion.The round of share sales would reportedly put <a href="https://www.businessinsider.com/spacex-history-biggest-moments-elon-musk-2022-12">Elon Musk's space exploration company</a> at about $80 or $81 per share. The estimated $750 million the company is hoping to raise was first <a href="https://www.bloomberg.com/news/articles/2023-06-23/spacex-tender-offer-said-to-value-company-at-about-150-billion?srnd=technology-vp#xj4y7vzkg">reported by Bloomberg.</a> The <a href="https://www.wsj.com/articles/spacex-targets-150-billion-valuation-6e5980b6?mod=business_lead_pos6">Wall Street Journal</a> later confirmed the plan.SpaceX became the most valuable startup in the United States after its last two rounds of fundraising <a href="https://www.businessinsider.com/elon-musk-spacex-most-valuable-american-startup-valuation-billion-2022-5">last May</a> and December, <a href="https://www.wsj.com/articles/spacex-eyes-higher-valuation-in-offering-employee-shares-for-sale-11670976045?mod=article_inline">which valued</a> the company at $125 and $140 billion, respectively. The company has <a href="https://www.businessinsider.com/elon-musk-spacex-raising-new-funding-36-billion-valuation-report-2020-2">raised funds privately</a> and sold <a href="https://www.businessinsider.com/spacex-selling-shares-elon-musk-twitter-bid-2022-5">shares to employees</a> several times throughout its history, both to raise money and as a form of compensating employees, <a href="https://www.businessinsider.com/spacex-fundraising-double-valuation-january-2021-starship-rockets-starlink-satellites-2020-12">Insider previously reported</a>.The company, <a href="https://www.businessinsider.com/elon-musk-companies-tesla-spacex-boring-co-neuralink-twitter-2022-4#next-up-spacex-the-aerospace-company-founded-by-musk-in-2002-according-to-his-company-bio-musk-is-the-lead-designer-at-spacex-where-he-oversees-the-spacecraft-and-rocket-development-for-missions-to-earth-orbit-and-ultimately-to-other-planets-9">which was founded in 2002,</a> has grown in value in recent years as it ramped up the number of satellites and rockets it launches into space. The company has also <a href="https://blogs.nasa.gov/spacex/">partnered with NASA</a> and other companies and developed <a href="https://www.businessinsider.com/spacex-has-nearly-10000-employees-as-it-ramps-up-its-starlink-rollout-2021-3">Starlink</a>, a satellite internet service that now operates the world's largest <a href="https://spacenews.com/spacex-becomes-operator-of-worlds-largest-commercial-satellite-constellation-with-starlink-launch/">commercial constellation of satellites</a>.Investors say the profit potential of Starlink, which is designed to improve internet access in rural areas, is the biggest driver of the company's value, the Journal reported.SpaceX was in the <a href="https://www.businessinsider.com/spacex-starship-mega-rocket-too-powerful-first-orbital-launch-2023-4">news earlier this year</a> when its massive <a href="https://www.businessinsider.com/why-spacex-starship-is-black-and-silver-2023-3">Starship</a> rocket <a href="https://www.businessinsider.com/elon-musk-praised-spacex-for-exciting-starship-launch-after-explosion-2023-4">exploded shortly</a> after it launched. Musk said <a href="https://www.businessinsider.com/elon-musk-spacex-spend-2-billion-starship-after-launch-explosion-2023-4">weeks after the launch</a> that it actually went slightly better than he expected.In a <a href="https://twitter.com/i/spaces/1OyJAVEdkMaxb?s=20">Saturday morning Twitter Space</a> with Bloomberg's Ashlee Vance, Musk said he would guess that SpaceX has spent about $2 billion on Starship, adding that number could reach $3 billion before the end of the year. He also said some upgrades to the rocket design and launch pad could be ready in about six weeks, meaning <a href="https://www.businessinsider.com/watch-spacex-starship-rocket-exploded-five-times-2023-4">the mega-rocket</a> could see another launch this year.Many would welcome upgrades to the rocket's concrete launch pad. <a href="https://www.businessinsider.com/spacex-starship-rocket-crater-concrete-launchpad-upon-liftoff-2023-4">Photos surfaced shortly after</a> the April launch showing a crater the rocket had blown in the pad during launch.Environmental groups <a href="https://www.businessinsider.com/faa-spacex-starship-launch-rocket-explosion-grounded-lawsuit-2023-5">later filed lawsuits</a> against the Federal Aviation Administration for allowing the launch to happen at all, accusing the agency of failing to consider the environmental impact of the ship's <a href="https://www.businessinsider.com/watch-spacex-starship-rocket-exploded-five-times-2023-4">launch and explosion</a>.SpaceX did not immediately respond to a request for comment made Saturday morning.

The value of Elon Musk's SpaceX may rise with new $750 million fundraising effort, reports say

<ul class="summary-list"><li>Marjorie Taylor Greene has become cozier with the GOP establishment — and vice versa — in recent months.</li><li>She's donated to several vulnerable GOP incumbents and sent $275,000 to the party's House campaign arm.</li></ul>As the institutional Republican Party raises the money necessary to defend the GOP's tenuous House majority, more and more of it is coming from Rep. Marjorie Taylor Greene of Georgia.The congresswoman's <a href="https://docquery.fec.gov/pdf/071/202304149580524071/202304149580524071.pdf" target="_blank" rel="noopener">latest quarterly filings with the Federal Election Commission</a> reveal that Greene has spent a total of $311,000 this year on helping the party win tough House races.That includes a hefty $275,000 contribution on February 28 to the National Republican Congressional Committee (NRCC) — House Republican's main campaign arm — as well as $2,000 apiece on March 29 to 18 other House Republicans, many of whom sit in <a href="https://dccc.org/dccc-announces-2023-2024-districts-in-play/">districts that Democrats plan to target during the 2024 campaign.</a>Here are some of the vulnerable House Republicans that accepted $2,000 from Greene:<ul><li>Juan Ciscomani of Arizona, who represents a Tuscon-area swing district.</li><li>David Schweikert of Arizona, one of the <a href="https://www.cookpolitical.com/ratings/house-race-ratings" target="_blank" rel="noopener">most vulnerable</a> House Republicans who represents a Phoenix-area swing district.</li><li>Anthony D'Esposito of New York, whose upset victory on Long Island helped pave the way for the new GOP majority.</li><li>Mike Garcia of California, who represents a Los Angeles-area district that Joe Biden won in 2020.</li><li>Lori Chavez-DeRemer of Oregon, who narrowly defeated a progressive candidate in a district long held by Democrats.</li><li>Jen Kiggans of Virginia, who defeated Democratic Rep. Elaine Luria in November 2022.</li><li>Monica De La Cruz of Texas, whose Rio Grande Valley-based districts borders the US-Mexico border.</li></ul>Greene also gave $2,000 to other more hardline conservatives whose districts aren't as deep-red, including House Freedom Caucus Chair Scott Perry of Pennsylvania, Anna Paulina Luna of Florida, and Josh Brecheen of Oklahoma.It's a stark departure from Greene's first two years in Congress, when <a href="https://www.businessinsider.com/republicans-who-voted-strip-marjorie-taylor-greene-of-committee-assignments-2021-2">11 of her GOP colleagues joined with Democrats</a> to boot her from her committee assignments over her history of violent online rhetoric and her prior belief in the QAnon conspiracy theory. Greene <a href="https://www.businessinsider.com/marjorie-taylor-greene-committee-assignments-image-cleanup-2023-1">has since embarked on an attempt to clean up her image. </a>During that time, Greene donated to <a href="https://www.opensecrets.org/members-of-congress/marjorie-taylor-greene/expenditures?cid=N00044701&amp;cycle=2022" target="_blank" rel="noopener">just a handful of other GOP candidates</a> who share her hard-right views, some of which did not make it past Republican primary elections. She did contribute a total of $350,000 to the NRCC, which she's now on track to potentially exceed.Her contributions to the party's most vulnerable lawmakers are likely to raise eyebrows — and become a key opportunity for Democrats, given her history of controversial statements.One of Schweikert's Democratic opponents is <a href="https://twitter.com/AndreiCherny/status/1647968242647052289?s=20" target="_blank" rel="noopener">already calling on the Arizona congressman to return Greene's contribution.</a><div type="image" title="Greene walks with Arizona Rep. David Schweikert, one of the most vulnerable House Republicans at the Capitol on March 28, 2023." height="1333" width="1778" msid="99567625" hostid="261" sizebytes="144262"></div>Greene's increased generosity towards the rest of the party comes amid her emergence as a <a href="https://www.businessinsider.com/kevin-mccarthy-marjorie-taylor-greene-reminds-me-friends-high-school-2023-1">key ally of House Speaker Kevin McCarthy</a>, despite her <a href="https://www.businessinsider.com/mccarthy-vows-paul-gosar-marjorie-taylor-greene-committees-2022-majority-2021-11">past criticisms</a> of him.Additionally, as a newly-minted member of the influential House Committee on Oversight and Accountability, the Georgia congresswoman recently lead a group of her Republican colleagues on a tour of the DC jail, where she has alleged that January 6 rioters are being mistreated.But even as Greene's relationship with the institutional Republican Party has changed, her views and positions have largely stayed the same.As recently as two months ago, the Georgia congresswoman floated the idea of a "national divorce," and she has <a href="https://www.businessinsider.com/maga-world-defends-jack-teixeira-the-accused-pentagon-leaker-2023-4">become an outspoken defender</a> of the Massachusetts Air National Guardsman who's now accused of leaking classified Pentagon documents online.And during a recent interview on 60 Minutes, she <a href="https://twitter.com/mtgreenee/status/1642911795282075649?s=20">defended her incendiary contention</a> that Democrats are a "party of pedophiles."

You Searched For "fundraising plan" and got 12 results

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